Startups often demand significant sacrifices in family and social life, coupled with a daunting failure rate of 98%. However, their societal impact and growth potential are exponentially greater compared to traditional businesses. For this reason, startups are not suitable for everyone. They are meant for individuals with an intense desire to identify real problems and create sustainable solutions. Before launching a startup, one must engage with potential customers to discover gaps in the market and devise a simple solution. This solution can either be entirely novel or a substitute for an existing service.
During a virtual seminar on Sunday, Dr. Russell Anam, Senior Software Engineer at Sony UK, shared this insight. Dr. Anam, who has contributed significantly to Bangladesh’s outsourcing industry through his involvement in developing the country’s digital infrastructure—including projects such as the national identification (NID), passport, and Hajj service websites—also presented a model for successful startup ideas.
He emphasized that a startup cannot be built by an individual alone. For a successful startup, co-founders with complementary skills are essential. Employees should be incentivized with profit-sharing alongside their salaries. Additionally, all available technologies must be utilized to minimize costs. He advised focusing on cost-cutting measures and viral marketing strategies.
Dr. Anam highlighted the importance of prioritizing green technologies and suggested that startups offering services at reduced costs through unified subscriptions would have a competitive edge in the market. He also stressed the need for continuous improvement of products and services, stating, “While defining KPIs, it is crucial to consider the lifetime cost of a minimum viable product.”
Illustrating how to design a business model with practical examples, Dr. Anam noted that startups often fail due to delayed investments and an inability to keep up with technological advancements.
The keynote speaker of the workshop, Dr. Chowdhury Mofizur Rahman, founding Vice-Chancellor of UIU and Professor at BRAC University, emphasized that young entrepreneurs should leverage technologies like blockchain and AI to address challenges such as traffic congestion and environmental issues in Bangladesh. However, startups in the ICT sector can revolutionize the economy and create employment and innovation opportunities. Such initiatives are very important in nurturing the next generation of entrepreneurs.
The session was chaired by Dr. Md. Rokonuzzaman, Professor at North South University. During the Q&A session, he remarked, “Startups break monopolistic dominance in business. Despite their high failure rate, their expansion will grow significantly in the future because entrepreneurship is inherent in human nature.To be successful, startups must meet local needs as well as be consistent with global standards.”
The workshop was organized by the Bangladesh Science Writers and Journalists Forum (BSWJF), a member of the World Federation of Science Journalists (WFSJ). BSWJF General Secretary Mir Lutful Kabir Sadi delivered the welcome address at the beginning of the workshop. He highlighted the importance of innovation and entrepreneurship in Bangladesh’s growing ICT sector. Meanwhile, BSWJF Executive Committee member Mohammad Abdul Haque Anu expressed his gratitude to the speakers and participants of the workshop. Participants from diverse academic, journalistic, and entrepreneurial backgrounds was attended at this over 3 hours workshop. They appreciated the insights and practical guidance provided by the workshop through a lively Q&A session.
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